The Coinbase CEO has revealed that the crypto exchange will not be listing Monero on its platform now due to regulatory concerns surrounding the cryptocurrency.
Coinbase Not Considering Listing Monero
Brian Armstrong, the CEO of Coinbase, revealed that regulators will likely come after them if they list Monero (XMR) on their cryptocurrency trading platform despite Binance and Kraken supporting the privacy coin.
He highlighted that Coinbase is not considering listing privacy coins like XMR since they are still untested subjects for regulators in the United States. The Coinbase exec made his position known during an interview with Peter McCormack on his “What Bitcoin Did” podcast. Armstrong stated that he wishes to handle Coinbase with a more conservative approach as this would allow the exchange to survive for a long time and to provide exceptional services to its millions of users. One of the issues Coinbase is looking to avoid is on privacy coins, especially with Monero.
McCormack called Monero the most reliable and credible privacy coin in the world at the moment. However, Armstrong told him that when privacy coins become more accepted, Coinbase and its team would consider listing them on their trading platforms.
Armstrong stated that “I think with enough time and education, people will get comfortable enough with it. Privacy coins will become more mainstream over time, I hope, and maybe more privacy solutions on Bitcoin too.”
Coinbase is one of the most dominant cryptocurrency exchanges in the world and the largest in the United States. The platform has always taken a more cautious approach to listing cryptocurrencies as it only supports the top and most promising digital currency projects. This has allowed Coinbase to maintain its reputation in the crypto space as perhaps the most credible crypto trading exchange.
Privacy Coins Are Associated with Ransomware Attacks
Privacy coins have a large following within the cryptocurrency trading space. However, most people do not fully trust them yet. Over the years, privacy coins have been associated with ransomware attacks that have affected thousands of people globally.
Although Bitcoin remains the token of choice for many users on darknet sites and scams (an example is the recent massive hack of verified Twitter accounts and the continued use of BTC in fake crypto giveaways on YouTube), most criminals on the darknet instruct their victims to pay them in Monero (XMR) instead.
Previous reports earlier this month showed that hackers responsible for a ransomware attack on the largest telecom company in Argentina demanded the network to pay $7.5 million in XMR or 100,000 tokens.
While Coinbase continues to dissociate itself from Monero and other privacy coins at the moment, it is not the only option for these cryptocurrencies. Monero has been available for trading on a wide range of leading crypto exchanges, including Binance (since September 2019) and Kraken (for more than three years now). However, Monero faces tough times ahead as Bithumb, one of the largest crypto exchanges in South Korea, and Singapore-based exchange Huobi both announced earlier this year that they would be delisting the XMR coin on their platform as the coin faces allegations that it was used for criminal activities.